ABSTRACT
However, the competing theoretical hypotheses lack consistent support from the small volume of empirical research on pension asset allocation (Friedman, 1983; Bodie et al., 1987; Peterson, 1996; Amir and Benartzi, 1999; Frank, 2002). e corporate asset allocation strategy over alternative asset investment categories (equities versus bonds) is not well understood based on ndings from prior empirical literature. Bodie et al. (1987) cautioned that further empirical research remains to be lled before a clear picture of these important corporate pension decisions can emerge.
